Welcome to your last set news, look at top stories and cryptocurrency digital assets and break them down into bite-sized pieces. I started something new and this is all based on yesterday we did a very quick snippet.
It was like four or five minutes. We talked about one story very quickly: it was all about facebook how there are 48 regulators that are going to go after them from each state. The state attorney's office and they're, going to try to shut them down because of their violation of the anti-trust laws, and i went over so well.
Everybody liked it so much that we're just going to keep doing that. So we'll, do a very small snippet story and then we'll. Do our large story later in the day. So this is the story that i think is incredibly important and it's, going to have ramifications all the way throughout.
So spain's. Second largest bank bbva launches bitcoin trading and custody in switzerland, and we have been talking about different banks that are getting into this industry and it seems like it's like they're happening like a breakneck speed before no banks really Want to do anything with it now here we are bank, after bank after bank, that's on top of standard chartered, which is a huge banking industry.
In the uk they have a ton of different branches, a lot of people working for him very big player in the banking game, on top of kraken. That just got approved for a special depository institution on top of avanti, which is now going to be called the digital asset bank, and this was just approved october 28th uh was granted by an ace, no vote by the state banking board.
This is in wyoming, united states, and also we just saw yesterday that bitpay wants to create a national bank in georgia, so this is going right in line with what mike novogratz said. Yesterday, i'm, not going to play the video.
All he said was pretty much this. We have a ton of interest. We have a ton of institutions coming in it's, coming in at breakneck speed. On top of the fact that all the banks are going to be forced into cryptocurrencial assets, because if they don't, they're.
Going to wither away and they're, going to die. So with that news. Here we are second largest. Bank bbva is launching cryptocurrency services. So here's. What's happening? It stated that we have begun throughout the trials of what become its first commercial service for trading and custody.
Digital assets. Ebva is that spain's second largest bank after banco santander, and if you recognize that name, you might know it because of the xrp trials. Anyhow, the group was found in 1857 727 billion euros in total assets.
As of september. It's, got 7 500 plus branches. It's, just a huge bank, so the new service we offered through its swiss subsidiary, bbva switzerland. This is the interesting part. Customers will be able to manage bitcoin transactions and have deposits in this crypto starting in 2021, which is what everything is starting with is 2021 2021.
It seems to be like the magical year and it's. What i've, always predicted, is going to be like the year for crypto digital assets, but bbva will offer its clients a service of trading and custody of digital assets, with all the guarantees of any other banking service, with a transparent system.
That's very simple, to operate so when they say custody digital assets that doesn't mean you're, going to be custody. That means they're, going to be cussing it and you're, going to get paper bitcoin now.
Is this a good thing? Well for some of the ogs, like you and me? No, it's, not because we want to have our private keys. We want to control that's, the whole beauty of digital assets. But what's going to happen here? Is it's not going to matter, because some people don & # 39, t care about that? Now some people might get into it later on and we'll educate them as best we can, but for mass adoption.
This is huge and when it talks starts to talk about here with a transparent system that is very simple to operate, the reason why they were so against it is because banks make a lot of money behind the scenes with the curtains closed.
So if you have something like this with a transparent system, because everything is on the blockchain, this is just something that they had to do. They resisted as much as long as they could, but they can't.
Do it anymore anyhow, that is it, for. I think the news article today we'll, get into bigger topics later on. So thanks for sticking with the entire video, i appreciate it and i'll, see you tonight on the next one.